Xapo-receives-criticism-over-its-plan-to-list-bitcoin-as-bc1-if-it-becomes-minor

[Ikuedowoni]

The probability of the original Bitcoin blockchain or legacy chain becoming the minority chain after the November SegWit2x hard fork is slim, but Xapo has received criticism from experts in the cryptocurrency sector over its intention to list the original Bitcoin blockchain as “BC1” if the SegWit2x chain turns out to be the majority chain.

Bitcoin Investor Describes SegWit2x Support as “Commercial Suicide”

Earlier this week, prominent BItcoin investor and Atlanta Digital Currency Fund partner Alistair Milne explained in an analytical blog post that expressing public support for SegWit2x from Bitcoin and cryptocurrency startups will be an act similar to committing “commercial suicide.” Milne wrote:

“Businesses will not commit commercial suicide. The largest Bitcoin companies are already showing they will support both tokens in the interim and therefore allow the market to decide the victor. A new token cannot practically be called Bitcoin / BTC as that name is already taken and it would invite chaos.”

As Cryptocoinsnews previously reported, Bitfinex and Coinbase, two of the largest Bitcoin wallet and exchanges in the global market, have revealed their intentions to integrate support for SegWi2x, but allow the market and users to decide which chain becomes the majority chain. The Bitfinex development team went as far to explain that the original Bitcoin blockchain or legacy chain will be listed as “BTC” and “Bitcoin” even if SegWit2x gains more hashrate.

Xapo Criticized by Some of the Most Influential and Highly Regarded Experts

On October 9, Xapo, a popular Bitcoin wallet platform and Bitcoin Visa debit card service provider, was heavily criticized by some of the most influential and highly regarded experts, developers, and investors in the cryptocurrency space for its plan to list the original Bitcoin blockchain as “BC1” if SegWit2x emerges as the majority chain.

The Xapo team stated:

“Xapo’s policy in regards to forks is that, when there is a fork, we always follow the chain with the most accumulated difficulty and we make the minority chain available to our customers for them to sell or withdraw from Xapo. We are going to call the chain with the most accumulated difficulty Bitcoin or BTC . If the minority chain is the one with 1MB blocks we are going to call it BC1 and if the minority chain is the one with 2MB blocks we are going to call it BC2.”

Almost immediately after the release of Xapo’s statement, Monero creator and lead developer Riccardo Spagni, better known as “FluffyPony,” released a sarcastic statement, noting that he would create a new startup called Xapo if he gathers sufficient support and force the existing company Xapo to rebrand to XP1.

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[n4poleon]

Like their announcement matter. 

[hatshepsut93]

It seems like miners and some companies decided to play the role of a government and dictate their will to all Bitcoin users. They seem to not understand that they are not in position to dictate anything - people can always switch to other services or just wait, it is they - miners and companies who need us, the users, because we are bringing them profit. The more reasonable explanation for what is exactly going on would be to assume that it's a bluff, that S2X will install full replay protection so companies can actually support coins on both chains and then they will hope that users would start switching because 2x chain would be faster due to more hashpower.

[PX-Z]

You should atleast give and provide the source of this article. So people here will not consider this as a copy/paste or plagiarised, its bannable for your information on this forum.

Here's the link: https://www.cryptocoinsnews.com/xapo-receives-criticism-over-its-plan-to-list-bitcoin-as-bc1-if-it-becomes-minority-chain/

And who cares BTW they can make what ever they want it will not affect to bitcoin price tho, and I hate xapo.

[n691309]

It seems like miners and some companies decided to play the role of a government and dictate their will to all Bitcoin users. They seem to not understand that they are not in position to dictate anything - people can always switch to other services or just wait, it is they - miners and companies who need us, the users, because we are bringing them profit. The more reasonable explanation for what is exactly going on would be to assume that it's a bluff, that S2X will install full replay protection so companies can actually support coins on both chains and then they will hope that users would start switching because 2x chain would be faster due to more hashpower.

It is really high time they started knowing that. They just keep getting busy deceiving themselves thinking they have seen some gullible set of people they can wack into their greedy plans. Time will make them understand that the community holds the power.

For real, no one cares about them anyway and it seems xapo is cursed cause most of the moves they have been making recently seems to be going against them and their user base is dropping pretty fast.

[BitHodler]

For real, no one cares about them anyway and it seems xapo is cursed cause most of the moves they have been making recently seems to be going against them and their user base is dropping pretty fast.

Xapo's main usage was coming from people only being interested in their free fee structure. Now that has come to an end some time ago, there is barely any incentive to use Xapo anymore for people.

At the end of the day, every service stands free to support whatever it thinks is the best option to go for. Eventually they will find out that they have done the wrong thing, but that will take some time for them to realize.

It will require their service to enjoy less usage in order to feel the pain, and that's something already being in process. This service is slowly but surely drying out, and the only entity that can be blamed for this is Xapo itself.